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News Junction > Blog > World News > Microsoft (MSFT) Q2 earnings report 2024
Microsoft (MSFT) Q2 earnings report 2024
World News

Microsoft (MSFT) Q2 earnings report 2024

Published January 31, 2024
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Microsoft CEO Satya Nadella, left, departs from federal court in Washington, D.C., on Oct. 2, 2023.

Nathan Howard | Bloomberg | Getty Images

Microsoft shares were down 1% in extended trading on Tuesday after the software maker issued fiscal second-quarter results that outdid analysts’ estimates.

Here’s how the company performed, compared with consensus among analysts polled by LSEG, formerly known as Refinitiv:

  • Earnings: $2.93 per share, vs. $2.78 per share expected
  • Revenue: $62.02 billion, vs. $61.12 billion expected

Microsoft’s revenue increased 17.6% year over year in the year, which ended on Dec. 31, according to a statement. Net income, at $21.87 billion, or $2.93 per share, increased from $16.43 billion, or $2.20 per share.

The company’s Intelligent Cloud segment produced $25.88 billion in revenue, up 20% and above the $25.29 billion consensus among analysts surveyed by StreetAccount. The grouping contains Azure cloud infrastructure, SQL Server, Windows Server, Nuance, GitHub and enterprise services.

Within that segment, revenue from Azure and other cloud services grew 30%. Analysts polled by CNBC had expected 27.7% growth, and the StreetAccount consensus was 27.5%. The metric for the previous quarter was 29%.

Revenue from the Productivity and Business Processes unit including Office productivity software, LinkedIn and Dynamics totaled $19.25 billion. That was up 13% and higher than the $18.99 billion StreetAccount consensus.

The More Personal Computing segment contributed $16.89 billion in revenue, up about 19% and slightly more than the StreetAccount consensus of $16.79 billion. The segment comprises Windows, Surface, Bing and Xbox.

During the fiscal second quarter, Microsoft closed its acquisition of video game publisher Activision Blizzard, its largest deal ever. The company also announced custom cloud chips and started selling a $30 monthly Copilot artificial intelligence add-on to Microsoft 365 productivity software bundles.

But layoffs continued. Microsoft’s LinkedIn subsidiary cut around 700 jobs in October on top of the 10,000 announced earlier in the year. Last week, Microsoft said it’s eliminating around 1,900 employees in its gaming unit, or about 9% of headcount, following the Activision deal.

Microsoft shares have risen about 9% so far in 2024, while the S&P 500 index has gained 3% over that stretch.

Executives will issue guidance and discuss the results with analysts on a conference call starting at 5:30 p.m. ET.

This is breaking news. Please check back for updates.

WATCH: Microsoft briefly surpasses $3 trillion in market cap

#Microsoft #MSFT #earnings #report

TAGGED:Breaking News: EarningsBreaking News: TechnologyBusinessbusiness newsearningsEnterpriseMicrosoftMicrosoft CorpMSFTreportTechnology
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